NSLC Releases Year-End Financial Performance

Halifax, June 24, 2025 – The NSLC released its year-end financial results today (April 1, 2024 – March 31, 2025), reporting total sales of $888.3 million for the year, with beverage alcohol sales of $761.1 million and cannabis sales of $127.1 million. Total earnings for the year were $280.2 million, a 1.3% decrease compared to last year.

The trend of flattening beverage alcohol sales and increasing cannabis sales continued this past fiscal year,” said Greg Hughes, President & CEO. “Like other retailers, we saw operational challenges that impacted the retail environment overall, such as the impact of the Federal Tax Break and the response to U.S. tariffs. However, our team adapted seamlessly to ensure they continued to provide an exceptional shopping experience while remaining committed to our responsibility mandate."

Beverage alcohol sales increased by 1.0%, while the total volume sold decreased 1.7%, and cannabis sales increased by 5.0%. Local beverage alcohol continues to perform well with a 5.4% increase in sales to $99.5 million. Beverage alcohol transactions for the year decreased by 1.8%, and the average basket size increased by 2.3% to $40.70. Cannabis transactions increased by 3.9% with the average basket size increasing by 1.1% to $37.68. The average price per gram of cannabis decreased 2% to $5.83.

Sales across most NSLC channels were positive with an 18.6% increase in sales to Private Wine and Specialty Stores, a 6.6% increase in online sales, and a 3.2% increase in sales to Agency Stores. Sales to bars, restaurants, and pubs decreased slightly by 0.9%.

The NSLC continues to make access to a regulated and legal supply of cannabis a priority. Last June, we added our newest cannabis location in Shelburne, bringing our cannabis retail network to 50 locations across the province.

This past year, the NSLC launched our first responsibility campaign focused on the importance of purchasing regulated and legal cannabis.

"Our strong growth in cannabis sales demonstrates our continued progress in competing with the illicit market, and we take our role as a responsible retailer seriously,” Hughes said. “It’s important that we share messages that help Nova Scotians understand the risks associated with purchasing cannabis from the illicit market.”

In addition to investing in awareness, the NSLC also makes community investment a priority. Through our community investment program, and together with our teams, partners, shoppers, suppliers, and participating Agency Stores, $1.7 million was raised for more than 100 charities and causes across the province, including a record-breaking total of $750,000 for the month-long IWK Campaign.

Business Highlights

• The retail team continues to be vigilant with responsible sales, challenging more than 2.1 million shoppers for identification and refusing nearly 14,000 sales.
• WeID Mystery Shop scores at retail were 96% for the year, confirming our shoppers who appear to be under 30 years of age are challenged for identification.
• Added one new cannabis store to our network in Shelburne resulting in 50 cannabis locations across the province.
• Through our Air Miles In-Store Satisfaction research, including 13,288 shopper surveys, we achieved an overall in-store satisfaction score of 93% for the year.

Community Investment Highlights

• Our For the Good of our Community fund, with the support of our suppliers, awarded $140,000 to 14 Nova Scotia organizations who support community well-being, including the fund’s first ever $20,000 grant, awarded to Shelter Movers NS.
• Together with our team members, supplier partners, generous shoppers, and participating Agency Stores, we raised a total of $750,000 for the IWK Foundation – the most significant fundraising effort in the NSLC’s history.
• In July, the Mental Health Foundation of Nova Scotia and the NSLC announced the establishment of the first NSLC Community Connections Grant. Using funds raised through the NSLC’s holiday at-cash fundraising campaigns, the grant will support programs and initiatives that provide mental health supports and create equitable access to mental health services in Nova Scotia over a three-year period.
• In October, we launched a new responsibility campaign focused on highlighting the risks associated with purchasing cannabis from the illicit market.
• In partnership with Coors Light and Halifax Transit, we provided free rides to 61,871 riders who took Halifax Transit after 6:00 pm every Saturday in December, reminding Nova Scotians to make getting home safely part of their plans throughout the holiday season and always.
• Together with our team members, generous shoppers, and suppliers, we raised $335,000 for Feed Nova Scotia and the Mental Health Foundation of Nova Scotia through our 2024 holiday at-cash campaign.
• Partnered with MADD Canada to support their School Program to create awareness of the dangers of impaired driving. Our funding helped deliver 40 presentations reaching over 6,000 students across the province.
• 563 NSLC employees volunteered more than 4,700 hours throughout this fiscal to give back to our communities.
• The NSLC was the official Volunteer Sponsor of the Special Olympics 2024 Provincial Summer Games.

Financial Highlights

(Compared to the same period last year):

• Earnings for the year totaled $280.2 million; a decrease of $3.6 million or 1.3%.
• Total sales were $888.3 million; an increase of $13.8 million or 1.6%.
• Cannabis sales were $127.1 million; an increase of 5.0%.
• Beverage alcohol sales were $761.1 million; an increase of 1.0%.
• Retail shopper transactions for beverage alcohol decreased by 1.8%, and the average dollar value of each transaction increased by 2.3% to $40.70.
• The total volume of beverage alcohol sold decreased by 1.7%.
• Retail shopper transactions for cannabis increased by 3.9%, and the average dollar value of each transaction increased by 1.1% to $37.68.

Local Product Sales Highlights

Beverage Alcohol

• Nova Scotia beer sales increased by 5.8% to $32.0 million.
• Nova Scotia wine sales decreased by 0.5% to $17.0 million.
• Nova Scotia spirit sales increased by 1.3% to $13.0 million.
• Nova Scotia Ready to Drink sales increased by 9.6% to $37.6 million.

Cannabis

• Nova Scotia cannabis sales decreased by 8.5% to $36.2 million. 
• Nova Scotia cannabis accounts for 28.5% of all cannabis sales. 

Operating Expense Ratio

The NSLC’s operating expense ratio for the fiscal year, including amortization and depreciation, was 18.4% compared to 17.6% reported the prior year.

Board Expenses

The NSLC Board of Directors’ expenses for the fourth quarter amounted to $2.38 per Director, per day. An electronic version of these expenses is available.

About the NSLC

The NSLC manages the safe and responsible sale of beverage alcohol and cannabis in Nova Scotia, returning 100% of its profits to government to help fund key public services. The NSLC aspires to be a trusted retailer, partner, employer, and responsible industry steward that is helping to create a stronger Nova Scotia. For more information about the NSLC, please visit our website at myNSLC.com.

For more information please contact:

Terah McKinnon

Senior Communications Advisor, External Relations

media@myNSLC.com 

Office: 902-450-5847

Mobile: 902-717-0979